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- Cardano price analysis shows price is back down to the $0.805 support level
- Price needs to hold current levels in order to avoid slide down to $0.38
- Over the past 24 hours, ADA price slipped 1 percent with trading volume falling 10 percent
Cardano price analysis is bearish again, after a minor ascent over the last two days that pushed price as high as $0.89. Falling more than 1 percent over the past 24 hours, ADA reached as low as $0.786, with trading volume dropping over 10 percent. With the current decline, ADA is now expected to test the $0.805 support where it stands at current price. If it fails to hold this level, a 50 percent crash could follow, pushing the token down towards $0.38. Conversely, a 24-hour close above the $1 mark would instigate a new upturn and invalidate the bearish thesis.
The larger cryptocurrency market also declined, as Bitcoin fell back below $39,000 with a 2 percent downfall. Ethereum also pulled back, but stayed above the $2,500 mark with a 1.5 percent decline. Among Altcoins, Terra underwent the biggest decline with a 9 percent crash. Ripple and Dogecoin went down 2 percent each, at $0.73 and $81.10, respectively. Conversely, Polkadot went up 4 percent to $17.71 and Litecoin rose up to $103.07.
Cardano price analysis: Cryptocurrency heat map. Source: Coin360
Cardano price analysis: ADA faces lowly market valuation on daily chart
The 24-hour candlestick chart for Cardano price analysis verifies the newfound decline that began yesterday. Price is now testing the $0.805 support and could be in line for a crash further. The relative strength index (RSI) shows a lowly market valuation for ADA at 37.92 which coupled with a loss of trading volume forms a bearish outlook for the token. Price is currently trading around $0.789, and could move down to $0.381 if further sell offs take place over the next 24 hours.
On the buyers’ end, they will look to push price towards the 25-day exponential moving average (EMA) at $0.824. However, any movement beyond the EMA has been capped over the last 4 months, leading to an extended bearish period. A decisive close above the current EMA would provide an encouraging sign for buyers and validate a push towards $1. The moving average convergence divergence in this respect can be seen as a neutral indicator, sitting just on the neutral zone below the zero mark.
Cardano price analysis: 24-hour chart. Source: Trading View
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.